Sunday, 24 June 2018
JP Morgan bestrides the world of finance in a way unprecedented in the modern era. It does more deals, makes more money and has bigger ambitions than any other banking institution. JP Morgan is IFR’s Bank of the Year and Loan House of the Year.
Facing one of the largest funding programmes of any European bank, Banco Santander needed to show more than a touch of creativity to keep on track. For managing a complex global issuance programme across a web of different entities – with a €7.1bn rights issue thrown in for good measure – Santander is IFR’s Issuer and Financial Issuer of the Year.
Building on an already impressive track record, BNP Paribas maintained its standing in the single currency and once again helped navigate corporate clients through their fundraising initiatives. BNP Paribas is IFR’s Euro Bond House and Europe Investment-Grade Corporate Bond House of the Year.
Bank of America Merrill Lynch moved to the top of the European securitisation market in 2017 by selling the broadest array of structured finance deals, while pioneering innovative structures. It is IFR’s EMEA Structured Finance House of the Year.
In a record year for CEEMEA issuance, JP Morgan led the way. The bank not only acted as lead manager on a greater volume of new issuance than any other bank during the awards period but it was also global coordinator on more deals, cementing its role as the region’s go-to bank. JP Morgan is IFR’s Emerging EMEA Bond House of the Year.
Being the bank of choice when it comes to funding companies in every ratings bracket comes with hard work, consistency and expertise. For delivering tailored financings and leading game-changing transactions with a seamless approach to the M&A and financing process, Morgan Stanley is IFR’s Americas Loan House of the Year.
For an asset class scarred by the financial crisis, 2017 proved to be a pivotal year as banks that had previously given up the credit derivatives ghost piled back in. For retaining its dominant position in flow, decontaminating the once-ignominious synthetic CDO and embracing the shift to passive investing, Citigroup is IFR’s Credit Derivatives House of the Year.
Equity capital markets across the Americas were marked by diverse investment opportunities in 2017. Yet, against a backdrop of soaring equity valuations, identifying areas of outperformance proved elusive. Citigroup, through a diverse banking platform, provided unexpected sources of alpha, and is IFR’s North America Equity House of the Year.
Continued low interest rates and liquidity in the straight debt market continue to stifle equity-linked. Competitive cost of capital requires not only more aggressive upfront pricing, but a holistic approach incorporating equity derivatives to enhance economics for issuers. Morgan Stanley met that challenge and is IFR’s Americas Structured Equity House of the Year.
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The IFR Asia Awards honour achievement in Asia’s capital markets. The Awards will be presented at the 2017 IFR Asia Awards Dinner, taking place on February 27 2018 at the Four Seasons Hotel in Hong Kong.
Banks and issuers have donated more than £25.5m to Save the Children through the IFR Awards over 22 years. In 2017, IFR deputy editor Owen Wild visited projects in Ethiopia that have been beneficiaries of that support.
Bankers have long complained that the rules that arose from the ashes of the financial crisis are ill-prepared at best and punitive at worst – and ultimately driven by a spirit of banker-bashing. The election of a US president with a similar view looked set to unleash a wave of creative regulatory destruction. But the early signs indicate that authorities will take a more constructive approach.
Green bonds have quickly become an important piece of sustainability financing. Yet while Green loans have emerged more slowly, they have plenty to offer both borrowers and lenders – and provide options not available in the bond market. Environmentally responsible lending may finally be ready to take off in earnest.
A reformed and reshaped global banking industry is investing for growth again. But with decent profits still elusive for some, and a host of headwinds to battle against, it’s too early to declare that happy days are here again.
Growth is (relatively) strong, markets are up as a result and capital markets activity is buoyant. The return of Tepco to the bond markets and the funding dynamism of Softbank were among factors that gave bankers in Japan and those who focus on the market from abroad a certain swagger.
Banks are in a fight for talent with technology, consulting and other firms, but are they ignoring too many students from poorer backgrounds? Some bankers think so, and want the net widened so they can add true diversity.
Singapore and Hong Kong look poised to allow shares with weighted voting rights in a bid to attract more listings from the new economy. But will it change anything?
Not so long ago it looked like the classic standalone investment bank would become a thing of the past. But with all the regulations put in place in the wake of the financial crisis, could the standalone model be poised for a comeback?
Grand plans to transform Saudi Arabia’s oil-focused economy have caught the attention of every major bank over the past year. But many could be in for a long wait as they seek returns on the resources being lavished on the country.
The weakness in the oil market, relative to the highs enjoyed in past years, has provided a supportive backdrop for Islamic bonds, forcing oil-rich Middle Eastern issuers to fund in the market. The market’s outlook will be determined in large part by oil’s future path, though investors will also be looking for assurances that Middle Eastern issuers honour their legal obligations.